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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.

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Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 2: are the stories we're following today.

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Speaker 3: Well, Karen, we begin with the latest developments in the

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Speaker 3: global trade war. President Donald Trump has unveiled a new

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Speaker 3: round of tariff demand letters, including a fifty percent rate

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Speaker 3: on imports from Brazil that threat set the country's currency

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Speaker 3: plunging as the president escalates a dispute with leftist leader

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Speaker 3: Luisa Nacio Lula de Silva.

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Speaker 4: We get more from Bloomberg's Jill Lisis.

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Speaker 5: This is certainly one that seems to be more political

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Speaker 5: than economic. I mean, Brazil, first of all, they weren't

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Speaker 5: part of the Liberation Day grouping because it's run a

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Speaker 5: trade deficit of the United States. Almost all of the

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Speaker 5: others have really run large surpluses. So what he's spelled

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Speaker 5: out as it relates to Brazil, as it relates to

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Speaker 5: their leader Lula, is that he's really upset about the

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Speaker 5: treatment of former President Bolsonaro. And then the other thing

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Speaker 5: I'd bring up as it relates to the Brazil situation

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Speaker 5: is that you know, probatent member of Bricks. They held

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Speaker 5: their big summit in Brazil just a few days ago,

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Speaker 5: and Lula was really kind of leading the charge there

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Speaker 5: in terms of railing against the US on various.

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Speaker 4: Issues, Bloomberg's Jill Lisis says.

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Speaker 3: President Trump also announced tariff rates on other countries, including

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Speaker 3: thirty percent for Algeria, Libya, Iraq, and Sri Lanka, and

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Speaker 3: a twenty percent rate on goods from the Philippines Nathan.

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Speaker 2: President Trump also confirm that a planned fifty percent tariff

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Speaker 2: on copper imports will begin on the first of August.

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Speaker 2: Analysts say the move could hurt American producers of everything

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Speaker 2: from automobiles to appliances. The chair of the President's Council

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Speaker 2: of Economic Advisor, Stephen Myron, says the move is a

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Speaker 2: key part of Trump's push to rebuild US industries.

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Speaker 6: You know, there are certain critical minerals, of which copper

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Speaker 6: is one that you just absolutely need if you're going

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Speaker 6: to have a manufacturing sector. And having a manufacturing sector

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Speaker 6: is important, not just economically, because it tends to be

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Speaker 6: a high high capital, high productivity field.

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Speaker 2: President's Council of Economic Advisors Stephen Myron, speaking of Bloomberg yesterday,

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Speaker 2: President Trump says copper was the second most used medal

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Speaker 2: by the Department of Defense. Well.

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Speaker 3: Meantime, Karen, President Trump is sounding optimistic about a ceasefire

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Speaker 3: deal between Israel and Hamas. The President says, negotiators are

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Speaker 3: very close to an agreement.

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Speaker 7: There's nothing different, interdefinite about war and Gaza and all

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Speaker 7: of the other places that we all deal with so much.

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Speaker 7: But there's a very good chance that we'll have a

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Speaker 7: settlement and agreement of some kind this week and maybe

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Speaker 7: next week.

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Speaker 3: If President Trump responded to an Axios report that US,

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Speaker 3: Israeli and Katari officials held a secret meeting at the

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Speaker 3: White House to work out lingering disagreements. Israeli Prime Minister

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Speaker 3: Benjamin Netanna, who says he is sticking to his goals

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Speaker 3: in Gaza.

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Speaker 8: I want to achieve the release of our hostages. We

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Speaker 8: want to end Hamas rule in Gaza. We want to

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Speaker 8: make sure that Gaza does not pose a threat to

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Speaker 8: his wilk anymore.

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Speaker 3: Prime Minister Tanyahu spoke at a meeting with senators on

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Speaker 3: Capitol Hill. Hama says it's agreed to release ten hostages

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Speaker 3: as talks continue. White House Envoy Steve Whitcoff says the

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Speaker 3: US wants a deal by the end of the week

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Speaker 3: on a sixty day ceasefire that would free all hostages

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Speaker 3: living and dead now caring. An update on the flood

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Speaker 3: recovery in Texas. At least one hundred and sixty people

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Speaker 3: are still missing in hardest hit Kerr County. Officials say

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Speaker 3: no one has been found alive since July fourth, after

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Speaker 3: the wall of water swept through more than sixty miles

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Speaker 3: of the Guadalupe River. As the search effort continues, Homeland

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Speaker 3: Security Secretary Christy Nome is reiterating her call to overhaul

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Speaker 3: the Federal Emergency Management Agency.

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Speaker 6: State and local leaders know that their communities and what

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Speaker 6: they know what they need better than the government ever could.

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Speaker 2: They know their exact needs, and they know how best

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Speaker 2: to prepare.

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Speaker 3: Secretary Nomes spoke at a meeting of the FEMA Review

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Speaker 3: Council in New Orleans. FEMA personnel are currently assisting in

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Speaker 3: the recovery effort in Texas, and President Trump is scheduled

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Speaker 3: to visit the state tomorrow.

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Speaker 2: Nathan Let's turn to the Mark. Yes, in Vidia has

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Speaker 2: reached historic heights. That chip maker became the first company

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Speaker 2: to reach a four trillion dollar market valuation. Ian King

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Speaker 2: covers in VideA for Bloomberg News on.

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Speaker 9: A price to innings ratio fifty two times doesn't sound

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Speaker 9: totally crazy, and that doesn't even get it into the

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Speaker 9: top ten list of semiconducta makers, so relatively it's not

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Speaker 9: that expensive. No other semiconduct company has Ava had more

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Speaker 9: than one hundred billion dollars of revenue, have a not

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Speaker 9: even Intel at its peak.

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Speaker 2: Bloombergy and King says in Vidia shares are at more

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Speaker 2: than one thousand percent since the beginning of twenty twenty three,

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Speaker 2: and video now accounts for seven and a half percent

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Speaker 2: of the s and P five hundred and the stock

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Speaker 2: is up two thirds of up percent this morning.

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Speaker 3: And Microsoft shares a little changed in the pre market, Karen,

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Speaker 3: but they also closed at an all time high yesterday,

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Speaker 3: trailing only in Video in market cap. And Microsoft says

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Speaker 3: it's push into artificial intelligence is paying off, Bloomberg News

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Speaker 3: has learned. At a presentation this week, the company chief commercial

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Speaker 3: officer Judson Altoff said AI tools are boosting productivity and

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Speaker 3: everything from sales and customer service to software engineering. Altof

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Speaker 3: says AI saved Microsoft more than five hundred million dollars

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Speaker 3: last year in its Call Centers alone, Nathan well En.

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Speaker 2: Vidion, Microsoft sharers are climbing to all time highs.

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Speaker 4: Tesla has not.

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Speaker 2: The stock is down twenty six percent and twenty twenty five.

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Speaker 2: CEO Elon Musk lashed out at Webbush's Dan Ives when

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Speaker 2: the analysts made suggestions to Tesla's board must set on

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Speaker 2: X quote shut up, Dan, and we get this story

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Speaker 2: with Bloomberg's Charlie Pellett.

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Speaker 10: Musk's comment came after Ives called on Tesla's board to

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Speaker 10: rein in Musk's political activity.

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Speaker 4: Bay Look, I mean, I knew you On was not

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Speaker 4: gonna be happy.

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Speaker 10: I'ves explained his position on Bloomberg BusinessWeek Daily.

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Speaker 9: The reality is, you know the board they basically need

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Speaker 9: to now step it up.

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Speaker 10: Ives does remain Wall Street's most bullish Tesla analyst, with

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Speaker 10: an outperform rating on the stock and a five hundred

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Speaker 10: dollars price target in New York. Charlie Bloomberg Radio, all right, Charlie,

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Speaker 10: thank you. Let's check some other stocks on the move

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Speaker 10: this morning. We're watching shares of Kellogg. They are surging

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Speaker 10: more than forty eight percent. Bloomberg News has learned the

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Speaker 10: serial maker may be bought by Italian candymaker Ferrero International

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Speaker 10: for about three billion dollars. Kellogg, of course, the owner

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Speaker 10: of Cerial brands, Fruit Loops and Frosted Flakes. It's been

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Speaker 10: struggling to revive growth as consumers move away from sugary

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Speaker 10: foods and Nathan.

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Speaker 2: A management change is on the way at one of

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Speaker 2: the world's biggest advertising agencies, WPPS named Microsoft executive Cindy

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Speaker 2: Rose as its next chief executive officer. She replaces Mark

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Speaker 2: Reid as the advertising group looks for ways to restart

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Speaker 2: sales growth and win new customers. Rose, who is currently

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Speaker 2: Chief Operating Officer at Microsoft's Global Enterprise Business, begins her

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Speaker 2: new job at WPP on September. First time Now for

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Speaker 2: a look at some of the other stories making news

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Speaker 2: in New York and around the world, and for that

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Speaker 2: were joined by Bloomberry's and Michael bar Michael Good Morning.

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Speaker 11: Good Morning. Karen Queen's assemblyman Zoron Mumdani thanked teachers after

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Speaker 11: he picked up a key endorsement in his bid to

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Speaker 11: be the next mayor of New York. The United Federation

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Speaker 11: of Teachers, the city's most powerful teachers union, is backing

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Speaker 11: the Democratic Socialist The UFT had not endorsed a candidate

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Speaker 11: in the Democratic primary.

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Speaker 12: This is the campaign of working people, This is the

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Speaker 12: campaign organized labor, and this is the campaign that will

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Speaker 12: win in November.

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Speaker 11: The endorsement comes after President Trump threatened to overtake New

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Speaker 11: York City should Mamdani be elected. A Long Island community

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Speaker 11: is angry after a twenty year old Suffolk County Community

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Speaker 11: College honors student was detained by ICE agents. Sarah Lopez

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Speaker 11: Garcia was sent to a Louisiana detention facility to await

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Speaker 11: trial and probable deportation to Colombia. Lopez Garcia was detained

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Speaker 11: almost two months ago with their mother when ICE agents

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Speaker 11: were looking for someone else. Her fiance says Lopez Garcia

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Speaker 11: was in the process of seeking legal status in the

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Speaker 11: US when she was detained. Measles cases in the US

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Speaker 11: are at their highest in more than three decades. According

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Speaker 11: to the US Centers for Disease Control Land Prevention, the

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Speaker 11: US has closed to thirteen hundred cases since the beginning

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Speaker 11: of the year. That's higher than twenty nineteen. Eighteen states

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Speaker 11: have seen outbreaks this year. Experts fear the US may

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Speaker 11: lose its status as having eliminated measles, doctor Darien Sutton.

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Speaker 12: The reason is because measles is very good at infecting people.

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Speaker 12: Is the most contagious virus that exists on this planet.

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Speaker 12: And right now this surge is not just a surge,

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Speaker 12: it's a warning that our public health protective barrier has

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Speaker 12: cracks in it.

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Speaker 11: Doctor Darien Sutton. Manhattan rents hit a record high for

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Speaker 11: the fourth time in the past five months. According to

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Speaker 11: a prey Miller Samuel and broke Ridge Douglas Element. The

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Speaker 11: median rent on New leasas signed in June was four

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Speaker 11: six hundred and twenty five dollars. Global News twenty four

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Speaker 11: hours a day and whenever you want it with the

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Speaker 11: Bloomberg News. Now, I'm Michael Barr, and this is Bloomberg Carrot.

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Speaker 2: All right, Michael Barr, thank you time now for the

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Speaker 2: Bloomberg Sports updating. Here's Jean stash Hour John.

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Speaker 4: Good morning, morning Karen.

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Speaker 13: In the midst of last week's six game Yankee losing streak,

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Speaker 13: here the news that dependable starter Clark Schmidt was done

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Speaker 13: for the season, taking the spot of the rotation at

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Speaker 13: least for now. Cam Schlittler six foot six inch twenty.

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Speaker 4: Four year old from outside of Boston.

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Speaker 13: Made his major League debut at the Stadium, pitched well,

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Speaker 13: got held from the Yanks.

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Speaker 4: All Star infielder Hi.

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Speaker 8: Jove centerfield, Rodriguez Pack.

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Speaker 4: He's on the truck.

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Speaker 7: He's at all see ya pen the Monument Park A

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Speaker 7: solo shop for Chisholm four one.

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Speaker 13: Yanks on the Yes, there were two, and he's later

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Speaker 13: Jazz Chisholm homeward again. Yanks beats the A nine to six.

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Speaker 13: Chipship's now back playing at his better position, second base.

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Speaker 13: DJ Lemayhew had been playing there. Yanks didn't want to

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Speaker 13: use him at third base, didn't really have any use

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Speaker 13: for him, so they have designated Lemayeu for assignment.

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Speaker 4: Here's Aaron Boone in a.

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Speaker 14: Tough couple of days, you know, some some some hard conversations,

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Speaker 14: and you know, and then ultimately come into this decision

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Speaker 14: conclusion obviously not easy for you know, what's been a

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Speaker 14: great player and who's done a lot of great things

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Speaker 14: for this organization.

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Speaker 13: In le Mayeu's first two seasons with the Yanks, he

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Speaker 13: betted three twenty seven and three sixty four, but he's

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Speaker 13: not been anywhere near those averages Recently, the Mets reigned

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Speaker 13: out in Baltimore doubleheader today Red Sox a six straight

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Speaker 13: win ten to two over Colorado Nationals won for new

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Speaker 13: manager Miguel Cairo eight to two in Saint Louis. The

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Speaker 13: Giants are believed to be looking to sell a ten

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Speaker 13: percent ownership stake, and Eli Manning had expressed an interest.

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Speaker 13: He's now saying he won't pursue it because it's too

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Speaker 13: so the Giants you said to be worth ten billion dollars.

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Speaker 13: Frank Laden has died at ninety three, Brooklyn native who

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Speaker 13: became the coach in GM of the Utah Jazz.

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Speaker 4: His son Scott, the former nixt GM John Stashie. We're

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Speaker 4: Bloomberg Sports.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 4: Good morning, I'm Nathan Hager.

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Speaker 3: Investors and businesses are grappling with the latest tariff letters

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Speaker 3: and sectoral threats from President Donald Trump, including fifty percent

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Speaker 3: rates for imports from Brazil and copper products. Joining us

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Speaker 3: now for the latest on the trade wars. Bloomberg News

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Speaker 3: Global Business Editor Josh Gaaloo and Josh. The copper tariff

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Speaker 3: in particular has gotten the market's attention pretty much all

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Speaker 3: week long. I mean there's still some questions about how

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Speaker 3: something like that could be implemented, though, are there.

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Speaker 8: Yeah.

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Speaker 15: As a matter of fact, markets appear to doubt that

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Speaker 15: it will be the full fifty percent that Trump has threatened.

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Speaker 15: You can see that in the margin between the price

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Speaker 15: in the US and the price in London, and they're

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Speaker 15: they're not pricing in that full fifty percent. But look,

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Speaker 15: this is something that you know, Trump and his administration

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Speaker 15: argue is sort of a national security priority because copper

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Speaker 15: is used in such an incredibly wide range of products

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Speaker 15: because of its obviously it's conductivity, conductivity, it's in a

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Speaker 15: lot of alloys. They're used for all kinds of appliances,

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Speaker 15: you know, motors, cars, everything. So you know, this is

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Speaker 15: a really difficult it's a it is a crucial metal

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Speaker 15: for the US and anyone looking to make these products.

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Speaker 15: But the US makes it about fifty percent of its own,

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Speaker 15: or it minds about fifty percent of its own copper,

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Speaker 15: and then the rest comes from you know, countries like Chile, Canada, Peru, Mexico.

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Speaker 15: So you know, this is a really this is going

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Speaker 15: to hurt American producers of all those things that I

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Speaker 15: was just mentioning who have to import copper. The price

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Speaker 15: is going to go up, and that kind of a

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Speaker 15: really wide impact on the economy.

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Speaker 3: And when it comes to this tariff threat for Brazil,

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Speaker 3: obviously a fifty percent rate is much higher than some

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Speaker 3: of the other rates that we've heard about so far,

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Speaker 3: But this one seems a little more political than related

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Speaker 3: to the actual trade dynamic between the US and Brazil.

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Speaker 15: That's right. What's interesting here is that Brazil actually runs

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Speaker 15: a deficit with the US when it comes to trading

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Speaker 15: of goods, and of course that balance of trade is

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Speaker 15: what Trump has always pointed to that he wants to

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Speaker 15: even out when he talks about putting in reciprocal tariffs

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Speaker 15: or even just straight bilateral tariffs. But you know, in

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Speaker 15: Trump's announcement for this, he did talk about Balsonaro, who

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Speaker 15: of course is the former Brazilian president who is facing

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Speaker 15: charges of insurrection after trying to interfere with the election

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Speaker 15: of in i think twenty twenty two of Lula. And

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Speaker 15: you know, he didn't even know there is no real

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Speaker 15: economic ground to stand on at least that's consistent with

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Speaker 15: his other tariffs that he's been putting on, you know,

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Speaker 15: across the board against countries. This one is clearly more political,

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Speaker 15: and he's demanding that Brazil dropped those charges, and right

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Speaker 15: now it looks like Brazil is very very much not

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Speaker 15: keen to do so, so we'll have to see how

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Speaker 15: that plays out. But you're right, it's really a much

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Speaker 15: more political use of that tool that we haven't quite

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Speaker 15: seen a use quite so blatantly like that.

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